It's busy times at Obsidian (Fallout: New Vegas) right now. This year they will release Dungeon Siege III, a game for Xbox Live Arcade and one secret title. Game Revolution had a talk with the company's boss Feargus Urquhart, that said they are "also working on an original IP XBLA game. so that hopefully will be out first quarter next year. It'll be an action RPG that's focused on fun, not Dungeon Siege, it's quite a bit different in a different genre with a different camera. We also might throw our hat in the whole free-to-play thing. In the game industry there's a lot of different opportunities for all different kinds of products."
Urquhart also mentioned to Game Revolution that Obsidian is working on a secret project, based around a licensed IP. "There actually is another game that I can't talk about at all... it's a licensed product but it's a licensed product that when people hear about it they're going to be ‘Well you had to do that. There's no option, if I was a developer and I was offered that I would just do it'," he said.